Energetica body hits 30% finance target

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THE body charged with overseeing development of the Energetic Corridor between Aberdeen and Peterhead have raised a third of the capital necessary for the project to go ahead.

The project - which includes plans for 600 acres of business space, new villages and possibly Britain’s first ‘hydrogen highway’ was conceived five years ago with the stated intention of attracting global energy companies to the region, and capitalising on Aberdeenshire’s energy expertise. The project, led by Aberdeen City and Shire Economic Future, will draw on a mixture of private and public sector funding to push the project forward over the coming decades.

Energetica project director, Sara Budge, said: “With the extent of these investments, Energetica has moved rapidly from concept to reality in the first five years of its 25 year vision. These investments underline the project’s potential to significantly grow the regional and Scottish economies and position Aberdeen City and Shire as the home of the next age of energy.

“The North Sea may be a mature province but fields are still being developed and will produce for many more years to come. However, we are moving into the next age of energy which will widen the current market opportunities to include enhanced oil and gas recovery, decommissioning, the use of depleted reservoirs for CO2 storage and offshore renewables.

“Energetica will link a string of highly attractive and distinct business and residential developments within the corridor, including Trump International Golf Links. New transport links will be created, including a unifying green network of coastal and inland footpaths and cycleways. Feasibility studies have commenced into energy solutions for the future such as the hydrogen loop project. Research work is being tendered to explore the feasibility of geothermal and hydrogen for combined heat and power of buildings within Energetica. This could pave the way for the country’s first hydrogen highway and an Energetica Smart Grid System.”